The deficit amounted to 4 milliards of francs, despite the yield from taxes, direct and indirect, being much larger than in 1921.
In the third quarter, the deficit amounted to 2.7% of GDP, down from 3.5% a year earlier.
Still, the adjusted deficit last year amounted to only 2.6 percent of the gross national product.
The pre-tax deficit amounted to £2.1 million, compared with a profit in 1991 of £441,000.
Agricultural production was stagnant and the annual deficit amounted to an eighth of the entire budget.
The deficit, before borrowing, amounted to 2.8 per cent of GDP.
France's deficit now amounts to about 5 percent of its economic output.
Despite the economy measures forced on the Diefenbaker government by the devaluation emergency that followed the budget, this deficit actually amounted to $692 millions.
Despite the December improvement, the total 1986 deficit amounted to $169.7 billion, far above the preceding record of $148.4 billion set in 1985.
The State Comptroller reported this week that the state's deficit amounts to $7 billion in the next two years.